Colorado-Real-Estate-Journal_381894

Page 6 - January 17-February 6, 2024 www.crej.com Office by Avalon Jacka DENVER – A prominent 18-story office tower at the northeast corner of the Inter- state 25-Colorado Boulevard intersection has traded hands. A partnership led by Mata- dor Equity Partners acquired Centerra at Colorado Station, located at 1873 S. Bellaire St., from Stream Realty in Decem- ber. The 200,720-square-foot office tower sold for $14 mil- lion, according to SKLD Title Services. Tim Richey, Chad Flynn, Jenny Knowlton, Charley Will, Patrick Devereaux, James Brady, Campbell Davis and Alex Mulvihill of CBRE represented the seller in the sale. Centerra at Colorado Sta- tion is a half-mile walk from the Colorado light-rail station and offers “exceptional” access and visibility from Interstate 25, Colorado’s most traveled freeway. The tower also fea- tures “outstanding” signage, a glass curtain wall, a 100% attached parking structure with a 2.92:1,000 parking ratio, an Energy Star rating, unob- structed mountain and city views, and an “unmatched” surrounding retail, restaurant and entertainment amenity base, an announcement from CBRE said. The property is 73% occupied by 27 tenants and is anchored by Northwestern Mutual. A CBRE sales brochure high- lighted the potential to lease up the remaining vacancy and increase in-place rents, which average 6% below today’s mar- ket rents. Built in 1981, Centerra at Col- orado Station underwent reno- vations in 2016 that included a new building entry and lobby, market-leading on-site ameni- ties and contemporary com- mon area finishes. The updates have increased rental rates at the property substantially over the past five years, a sales bro- chure from CBRE noted. s Matador-led partnership buys Centerra at Colorado Station by Avalon Jacka DENVER – A multitenant office building will be redeveloped for a single national tenant after trad- ing hands for $2.13 million. Brandon Gayeski of Blue West Capital represented the buyer and seller in the sale of 494 Sheridan Blvd. Both the buyer, a Denver-based developer and repeat Blue West client, and sell- er, a local private investor, were undisclosed. The property was sourced off market by Gayeski as a value-add investment property. In 2021, the buyer was actively engaged with a national ten- ant exploring a location in this specific area, but the area had limited sites available that were suitable for this user, Gayeski said. The buyer success- fully went under contract for the 0.72-acre site that year. However, the closing process had its share of obstacles, including delays and challenges with the city and structuring tenant leases to allow for post-closing redevelopment, Gayeski noted. The 17,042-square-foot build- ing, constructed in 1974, is cur- rently leased to 17 tenants occu- pying a total of 31 units. All ten- ants either have month-to-month leases or language favorable to the owner for redevelopment in Blue West facilitates off-market sale for redevelopment The 18-story Centerra at Colorado Station was 73% occupied by 27 ten- ants at the time of sale. T he office property, currently home to 17 tenants, will be redeveloped for a national single tenant. Please see Blue West, Page 8 Brandon Gayeski